Lecture Notes on Internet Properties | BUS, Study notes of Introduction to Business Management

Download Lecture Notes on Internet Properties | BUS and more Study notes Introduction to Business Management in PDF only on Docsity! Internet Properties – 1/23 Mediating Technology – being able to connect with other users in the world. Universality – enlarges and shrinks the world. Network Externalities – more users, more valuable…more useful (Metcalf’s law) Distribution Channel – digitized information (eBooks versus physical books) Time Moderator – time is relative…few to no constraints. Makes things faster and more accessible Information Asymmetry – when any person has information that another does not (so, more people know, or learn important information) ex. Price of a car Infinite virtual capacity – perception that memory/computer space is limitless Low Cost Standard – cheaper to start business on internet rather than open store, licenses, etc Creative Destroyer – the new pushes out the old Transaction Cost Reducer – costs a lot less to have a transaction Decision Support Systems– 1/30 Types of Models: - Descriptive – describes the situation being addressed (currently) - Deterministic – models explicitly built with no uncertainty. User input allowing to determine decision making (ex. How much fuel you think you’ll use in 5 years. Compare and chose cheapest car) - Optimization – describes the optimal way to utilize resources to produce the best possible bottom line - Simulation – models uncertain future events based on past data or intelligent forecasting Spreadsheet Modeling: - Good for making intelligent decisions, forecasting and preparing for any situation o Provides support - Outputs o Revenue, Cost, or Profit Question!! : What type of analysis would find inputs necessary to achieve a goal, such as a desired level of output? Sensitivity analysis, what-if analysis, or goal-seeking? Decision-Making IT Systems Decision Making IT Systems: Executive Information Systems (EIS) o Digital Dashboard a common features o Drill Down o Artificial Intelligence – system continues to learn from itself o Data Mining Decision Support Systems (DSS) Transaction Processing Systems (TPS) Supply Chain Management – 2/6 Business process management – trying to find out how to best satisfy the customer without increasing costs/inefficiency too much…BPM looks at both short term return on investment and long-term value. Reduce steps to create efficiency. The right product at the right time going to the right people. Supply Chain – all the value chains of a company linked together. Suppliers  Manufacturers  Warehouse/distribution Customers. Each part has specific objectives. Supply Chain Management – the process of monitoring the supply chain Supply Chain Strategies Project 1 Tips On part b, refer to note when using subtotal functions, or creating charts on the top of the worksheets. Set table up for data, filter using table and then start answering questions. Don’t be afraid to create pivot table and create chart from that No histograms/scatter-plots with categorical data (numerical continuous 1var data/scatter = 2 variable) Format data analysis tool pack histogram. Make things clear, concise, visually appealing - E-Business Model – an approach to conduction electronic business on the internet. Examples of E-Business Models - B2B – Business to business - B2C – Business to consumer (Target, Old Navy) - C2B – Consumer to Business (Priceline)…this is what I’m going to pay, and businesses ok - C2C – Consumer to consumer (eBay, Craigslist) What type of online auction occurs when buyers use it to purchase a product or service, selecting the seller with the lowest bid? 1. Electronic auction 2. Forward Auction 3. Reverse auction 4. All of the above Encyclopedia Britannica - Creative Destruction - Reference ppt for case study The Economics of Things vs. Information Things - When a thing is sold, the seller no longer has it - A thing has a location (distribution costs may be substantial) and is subject to jurisdiction laws and taxes - Things wear out - Things have a market value (whatever someone is willing to pay for it) - It costs money to make replicate things Information - When information is sold, the seller still possesses it - Information never wears out (although its usefulness might) - Information has a market value if there is a way to limit its access to others (copyrights, patents, DRM) - Information is costly to produce but cheap to reproduce - Once the first copy has been produced, most costs are sunk and cannot be recovered - There are no natural limits for additional copies Stages of Transformation Technology  social pressure (primarily college students)  Transformation Social Forces-Diffusion of Innovation - Diffusion – the process by which an innovation is communicated through certain channels over time among members of a social system - Adopter Categories – the classification of members of a social system on the basis of innovativeness, the degree to which an individual or other unit of adoption is relatively earlier in adopting new ideas than other members of a system o Innovator o Early adopter o Early majority o Late majority o Laggard - Transformation occurs when adoption leads to change in the business model -